175: Transforming Second-Tier Markets into Economic Powerhouses with Barry Broome

What this episode covers

In this episode of the Econ Dev Show, Dane Carlson sits down with Barry Broome, President and CEO of the Greater Sacramento Economic Council. Dane and Barry explore Sacramento's remarkable economic transformation. Barry highlights how Sacramento has leveraged its strategic location 72 miles east of San Francisco to become one of America's premier second-tier markets, emerging as a semiconductor hub while diversifying into clean tech and agricultural research sectors. Throughout the conversation, Barry shares his data-driven approach to economic development, his passion for working with underdog cities, and the challenges he overcame to build community trust and create a thriving economic ecosystem in California's capital region. Barry shares insights on economic development, leadership, and the importance of data-driven decisions in driving regional growth. The episode also covers his personal background, emphasizing Barry's passion for economic development in underdog cities and his experiences in navigating and overcoming initial challenges to build a thriving community. Timestamps 00:00 Introduction and Welcome 01:20 Discovering Sacramento 02:40 Sacramento's Economic Growth 04:40 Semiconductor Hub Vision 09:44 Infrastructure and Utilities 11:41 Target Sectors Beyond Semiconductors 14:08 Barry Broome's Journey 21:16 Challenges and Achievements 25:20 Building a Strong Board 29:05 Barry's Background and Philosophy 34:55 Conclusion and Contact Information Ten Actionable Takeaways for Economic Developers Leverage your geographic proximity to major economic centers; Sacramento's 72-mile distance from San Francisco became a strategic advantage rather than a limitation. Diversify your economic base beyond traditional anchors; Sacramento moved beyond government dependence to semiconductors, clean tech, and agricultural research. Position your community as a second-tier market alternative to expensive primary markets, offering similar talent and infrastructure at better cost basis. Use data-driven decision making to guide your economic development strategy and demonstrate measurable results to stakeholders. Build strong board governance early; invest time in assembling committed leaders who can provide stability and strategic direction. Target emerging sectors where your region has natural advantages; Sacramento capitalized on its research universities and proximity to Silicon Valley for semiconductor development. Develop compelling narratives around your community's diversity and quality of life as competitive advantages for business attraction. Address infrastructure and utilities proactively as foundational elements for sector-specific development strategies. Embrace your role as an "underdog city champion"; sometimes the most rewarding opportunities are in communities others overlook. Focus on long-term relationship building and community trust, understanding that transformational economic development takes years to achieve and sustain. Special Guest: Barry Broome.Sponsored By:Sitehunt: Sitehunt helps economic developers understand their sites, match them to projects, and respond with confidence in minutes instead of scrambling for days. Links:Barry Broome | LinkedIn Home - Greater Sac Economic Council The Way We Work: Barry Broome | Comstock's magazine California 2030: Greater Sacramento Economic Council President Barry Broome - YouTube Team - Greater Sac Economic Council The Semiconductor Industry's Dynamic Nature and Continuous Evolution | Nasdaq News & events - Greater Sac Economic Council